(Commission File Number)
|
(Exact Name of Registrant as Specified in Its Charter)
(Address of Principal Executive Offices) (Zip Code)
(Telephone Number)
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(IRS Employer Identification No.)
|
1-9516
|
ICAHN ENTERPRISES L.P.
|
Delaware
|
13-3398766
|
333-118021-01
|
ICAHN ENTERPRISES HOLDINGS L.P.
|
Delaware
|
13-3398767
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
|
Depositary Units of Icahn Enterprises L.P.
Representing Limited Partner Interests |
|
IEP
|
|
NASDAQ
|
Global Select Market
|
|
|
Page
No.
|
|
||
|
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(In millions, except unit amounts)
|
||||||
Cash and cash equivalents
|
$
|
3,266
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
613
|
|
|
2,682
|
|
||
Investments
|
9,437
|
|
|
8,337
|
|
||
Due from brokers
|
842
|
|
|
664
|
|
||
Accounts receivable, net
|
500
|
|
|
474
|
|
||
Inventories, net
|
1,817
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,592
|
|
|
4,688
|
|
||
Goodwill
|
281
|
|
|
247
|
|
||
Intangible assets, net
|
449
|
|
|
501
|
|
||
Other assets
|
1,460
|
|
|
1,461
|
|
||
Total Assets
|
$
|
23,257
|
|
|
$
|
23,489
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
895
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
2,342
|
|
|
1,012
|
|
||
Deferred tax liability
|
625
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
461
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
223
|
|
|
468
|
|
||
Due to brokers
|
114
|
|
|
141
|
|
||
Debt
|
7,449
|
|
|
7,326
|
|
||
Total liabilities
|
12,109
|
|
|
10,509
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 207,489,066 units issued and outstanding at September 30, 2019 and 191,366,097 units issued and outstanding at December 31, 2018
|
6,441
|
|
|
7,350
|
|
||
General partner
|
(808
|
)
|
|
(790
|
)
|
||
Equity attributable to Icahn Enterprises
|
5,633
|
|
|
6,560
|
|
||
Equity attributable to non-controlling interests
|
5,515
|
|
|
6,420
|
|
||
Total equity
|
11,148
|
|
|
12,980
|
|
||
Total Liabilities and Equity
|
$
|
23,257
|
|
|
$
|
23,489
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
(In millions, except per unit amounts)
|
||||||||||||||
Net sales
|
$
|
2,484
|
|
|
$
|
2,815
|
|
|
$
|
7,371
|
|
|
$
|
7,998
|
|
Other revenues from operations
|
170
|
|
|
166
|
|
|
504
|
|
|
491
|
|
||||
Net (loss) gain from investment activities
|
(657
|
)
|
|
(514
|
)
|
|
(1,968
|
)
|
|
328
|
|
||||
Interest and dividend income
|
69
|
|
|
36
|
|
|
192
|
|
|
98
|
|
||||
Gain on disposition of assets, net
|
249
|
|
|
65
|
|
|
256
|
|
|
65
|
|
||||
Other income (loss), net
|
5
|
|
|
1
|
|
|
16
|
|
|
(5
|
)
|
||||
|
2,320
|
|
|
2,569
|
|
|
6,371
|
|
|
8,975
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
2,069
|
|
|
2,372
|
|
|
6,098
|
|
|
6,786
|
|
||||
Other expenses from operations
|
141
|
|
|
138
|
|
|
409
|
|
|
397
|
|
||||
Selling, general and administrative
|
352
|
|
|
329
|
|
|
1,027
|
|
|
1,012
|
|
||||
Restructuring, net
|
4
|
|
|
17
|
|
|
15
|
|
|
20
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
||||
Interest expense
|
153
|
|
|
125
|
|
|
443
|
|
|
391
|
|
||||
|
2,719
|
|
|
2,981
|
|
|
7,993
|
|
|
8,609
|
|
||||
(Loss) income from continuing operations before income tax benefit
|
(399
|
)
|
|
(412
|
)
|
|
(1,622
|
)
|
|
366
|
|
||||
Income tax benefit
|
26
|
|
|
78
|
|
|
12
|
|
|
77
|
|
||||
(Loss) income from continuing operations
|
(373
|
)
|
|
(334
|
)
|
|
(1,610
|
)
|
|
443
|
|
||||
Income (loss) from discontinued operations
|
—
|
|
|
176
|
|
|
(24
|
)
|
|
388
|
|
||||
Net (loss) income
|
(373
|
)
|
|
(158
|
)
|
|
(1,634
|
)
|
|
831
|
|
||||
Less: net (loss) income attributable to non-controlling interests
|
(324
|
)
|
|
(276
|
)
|
|
(693
|
)
|
|
279
|
|
||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(941
|
)
|
|
$
|
552
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(49
|
)
|
|
$
|
(45
|
)
|
|
$
|
(917
|
)
|
|
$
|
201
|
|
Discontinued operations
|
—
|
|
|
163
|
|
|
(24
|
)
|
|
351
|
|
||||
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(941
|
)
|
|
$
|
552
|
|
Net (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(48
|
)
|
|
$
|
116
|
|
|
$
|
(922
|
)
|
|
$
|
541
|
|
General partner
|
(1
|
)
|
|
2
|
|
|
(19
|
)
|
|
11
|
|
||||
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(941
|
)
|
|
$
|
552
|
|
Basic and diluted (loss) income per LP unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(4.56
|
)
|
|
$
|
1.11
|
|
Discontinued operations
|
—
|
|
|
0.88
|
|
|
(0.12
|
)
|
|
1.93
|
|
||||
|
$
|
(0.24
|
)
|
|
$
|
0.64
|
|
|
$
|
(4.68
|
)
|
|
$
|
3.04
|
|
Basic and diluted weighted average LP units outstanding
|
202
|
|
|
183
|
|
|
197
|
|
|
178
|
|
||||
Cash distributions declared per LP unit
|
$
|
2.00
|
|
|
$
|
1.75
|
|
|
$
|
6.00
|
|
|
$
|
5.25
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net (loss) income
|
$
|
(373
|
)
|
|
$
|
(158
|
)
|
|
$
|
(1,634
|
)
|
|
$
|
831
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
(3
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(86
|
)
|
||||
Post-retirement benefits and other
|
(1
|
)
|
|
3
|
|
|
1
|
|
|
18
|
|
||||
Other comprehensive loss, net of tax
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(68
|
)
|
||||
Comprehensive (loss) income
|
(377
|
)
|
|
(166
|
)
|
|
(1,637
|
)
|
|
763
|
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(325
|
)
|
|
(278
|
)
|
|
(694
|
)
|
|
271
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises
|
$
|
(52
|
)
|
|
$
|
112
|
|
|
$
|
(943
|
)
|
|
$
|
492
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(51
|
)
|
|
$
|
110
|
|
|
$
|
(924
|
)
|
|
$
|
482
|
|
General partner
|
(1
|
)
|
|
2
|
|
|
(19
|
)
|
|
10
|
|
||||
|
$
|
(52
|
)
|
|
$
|
112
|
|
|
$
|
(943
|
)
|
|
$
|
492
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner’s (Deficit) Equity
|
|
Limited Partners’ Equity
|
|
Total Partners’ Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2018
|
$
|
(790
|
)
|
|
$
|
7,350
|
|
|
$
|
6,560
|
|
|
$
|
6,420
|
|
|
$
|
12,980
|
|
Net loss
|
(8
|
)
|
|
(386
|
)
|
|
(394
|
)
|
|
(270
|
)
|
|
(664
|
)
|
|||||
Distribution payable
|
(8
|
)
|
|
(383
|
)
|
|
(391
|
)
|
|
—
|
|
|
(391
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||
Changes in subsidiary equity and other
|
2
|
|
|
62
|
|
|
64
|
|
|
(307
|
)
|
|
(243
|
)
|
|||||
Balance, March 31, 2019
|
(804
|
)
|
|
6,643
|
|
|
5,839
|
|
|
5,813
|
|
|
11,652
|
|
|||||
Net loss
|
(10
|
)
|
|
(488
|
)
|
|
(498
|
)
|
|
(99
|
)
|
|
(597
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Distribution payable reversal
|
8
|
|
|
383
|
|
|
391
|
|
|
—
|
|
|
391
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(54
|
)
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||||
Partnership contributions
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
70
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
3
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Balance, June 30, 2019
|
(807
|
)
|
|
6,498
|
|
|
5,691
|
|
|
5,755
|
|
|
11,446
|
|
|||||
Net loss
|
(1
|
)
|
|
(48
|
)
|
|
(49
|
)
|
|
(324
|
)
|
|
(373
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(27
|
)
|
|
(28
|
)
|
|
—
|
|
|
(28
|
)
|
|||||
Partnership contributions
|
1
|
|
|
24
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
150
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
(34
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(31
|
)
|
|
(34
|
)
|
|||||
Balance, September 30, 2019
|
$
|
(808
|
)
|
|
$
|
6,441
|
|
|
$
|
5,633
|
|
|
$
|
5,515
|
|
|
$
|
11,148
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner’s (Deficit) Equity
|
|
Limited Partners’ Equity
|
|
Total Partners’ Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2017
|
$
|
(234
|
)
|
|
$
|
5,402
|
|
|
$
|
5,168
|
|
|
$
|
6,318
|
|
|
$
|
11,486
|
|
Net income
|
3
|
|
|
129
|
|
|
132
|
|
|
280
|
|
|
412
|
|
|||||
Other comprehensive income
|
—
|
|
|
40
|
|
|
40
|
|
|
3
|
|
|
43
|
|
|||||
Distribution payable
|
(6
|
)
|
|
(304
|
)
|
|
(310
|
)
|
|
—
|
|
|
(310
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
280
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principle
|
(1
|
)
|
|
(28
|
)
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
—
|
|
|
1
|
|
|
10
|
|
|
11
|
|
|||||
Balance, March 31, 2018
|
(237
|
)
|
|
5,239
|
|
|
5,002
|
|
|
6,860
|
|
|
11,862
|
|
|||||
Net income
|
6
|
|
|
296
|
|
|
302
|
|
|
275
|
|
|
577
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(93
|
)
|
|
(94
|
)
|
|
(9
|
)
|
|
(103
|
)
|
|||||
Distribution payable reversal
|
6
|
|
|
304
|
|
|
310
|
|
|
—
|
|
|
310
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(47
|
)
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
(1
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|||||
Balance, June 30, 2018
|
(228
|
)
|
|
5,694
|
|
|
5,466
|
|
|
7,078
|
|
|
12,544
|
|
|||||
Net income (loss)
|
2
|
|
|
116
|
|
|
118
|
|
|
(276
|
)
|
|
(158
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(24
|
)
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Changes in subsidiary equity and other
|
3
|
|
|
90
|
|
|
93
|
|
|
6
|
|
|
99
|
|
|||||
Balance, September 30, 2018
|
$
|
(224
|
)
|
|
$
|
5,870
|
|
|
$
|
5,646
|
|
|
$
|
6,775
|
|
|
$
|
12,421
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,634
|
)
|
|
$
|
831
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Loss (income) from discontinued operations
|
24
|
|
|
(388
|
)
|
||
Net loss (gain) from securities transactions
|
314
|
|
|
(858
|
)
|
||
Purchases of securities
|
(3,885
|
)
|
|
(3,911
|
)
|
||
Proceeds from sales of securities
|
2,133
|
|
|
5,538
|
|
||
Payments to cover securities sold, not yet purchased
|
(451
|
)
|
|
(1,390
|
)
|
||
Proceeds from securities sold, not yet purchased
|
142
|
|
|
949
|
|
||
Changes in receivables and payables relating to securities transactions
|
609
|
|
|
(609
|
)
|
||
Gain on disposition of assets, net
|
(256
|
)
|
|
(65
|
)
|
||
Depreciation and amortization
|
389
|
|
|
383
|
|
||
Deferred taxes
|
(84
|
)
|
|
(85
|
)
|
||
Other, net
|
(1
|
)
|
|
48
|
|
||
Changes in operating assets and liabilities
|
832
|
|
|
(548
|
)
|
||
Net cash used in operating activities from continuing operations
|
(1,868
|
)
|
|
(105
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
436
|
|
||
Net cash (used in) provided by operating activities
|
(1,868
|
)
|
|
331
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(195
|
)
|
|
(193
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(52
|
)
|
|
(13
|
)
|
||
Purchases of investments
|
(50
|
)
|
|
(25
|
)
|
||
Proceeds from sale of investments
|
458
|
|
|
1
|
|
||
Proceeds from disposition of businesses and assets
|
491
|
|
|
158
|
|
||
Other, net
|
(21
|
)
|
|
(7
|
)
|
||
Net cash provided by (used in) investing activities from continuing operations
|
631
|
|
|
(79
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(393
|
)
|
||
Net cash provided by (used in) investing activities
|
631
|
|
|
(472
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
220
|
|
|
280
|
|
||
Partnership contributions
|
35
|
|
|
—
|
|
||
Partnership distributions
|
(83
|
)
|
|
(73
|
)
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(90
|
)
|
|
(95
|
)
|
||
Proceeds from Holding Company senior unsecured notes
|
1,757
|
|
|
—
|
|
||
Repayments of Holding Company senior unsecured notes
|
(1,700
|
)
|
|
—
|
|
||
Proceeds from subsidiary borrowings
|
565
|
|
|
1,003
|
|
||
Repayments of subsidiary borrowings
|
(597
|
)
|
|
(1,046
|
)
|
||
Other, net
|
(3
|
)
|
|
12
|
|
||
Net cash (used in) provided by financing activities from continuing operations
|
(137
|
)
|
|
81
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(159
|
)
|
||
Net cash used in financing activities
|
(137
|
)
|
|
(78
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(2
|
)
|
|
(1
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(83
|
)
|
|
70
|
|
||
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(1,459
|
)
|
|
(150
|
)
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
5,338
|
|
|
1,911
|
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
3,879
|
|
|
$
|
1,761
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
3,266
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
613
|
|
|
2,682
|
|
||
Investments
|
9,437
|
|
|
8,337
|
|
||
Due from brokers
|
842
|
|
|
664
|
|
||
Accounts receivable, net
|
500
|
|
|
474
|
|
||
Inventories, net
|
1,817
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,592
|
|
|
4,688
|
|
||
Goodwill
|
281
|
|
|
247
|
|
||
Intangible assets, net
|
449
|
|
|
501
|
|
||
Other assets
|
1,460
|
|
|
1,493
|
|
||
Total Assets
|
$
|
23,257
|
|
|
$
|
23,521
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
895
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
2,342
|
|
|
1,012
|
|
||
Deferred tax liability
|
625
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
461
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
223
|
|
|
468
|
|
||
Due to brokers
|
114
|
|
|
141
|
|
||
Debt
|
7,452
|
|
|
7,330
|
|
||
Total liabilities
|
12,112
|
|
|
10,513
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
6,503
|
|
|
7,452
|
|
||
General partner
|
(873
|
)
|
|
(864
|
)
|
||
Equity attributable to Icahn Enterprises Holdings
|
5,630
|
|
|
6,588
|
|
||
Equity attributable to non-controlling interests
|
5,515
|
|
|
6,420
|
|
||
Total equity
|
11,145
|
|
|
13,008
|
|
||
Total Liabilities and Equity
|
$
|
23,257
|
|
|
$
|
23,521
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
2,484
|
|
|
$
|
2,815
|
|
|
$
|
7,371
|
|
|
$
|
7,998
|
|
Other revenues from operations
|
170
|
|
|
166
|
|
|
504
|
|
|
491
|
|
||||
Net (loss) gain from investment activities
|
(657
|
)
|
|
(514
|
)
|
|
(1,968
|
)
|
|
328
|
|
||||
Interest and dividend income
|
69
|
|
|
36
|
|
|
192
|
|
|
98
|
|
||||
Gain on disposition of assets, net
|
249
|
|
|
65
|
|
|
256
|
|
|
65
|
|
||||
Other income (loss), net
|
5
|
|
|
1
|
|
|
16
|
|
|
(5
|
)
|
||||
|
2,320
|
|
|
2,569
|
|
|
6,371
|
|
|
8,975
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
2,069
|
|
|
2,372
|
|
|
6,098
|
|
|
6,786
|
|
||||
Other expenses from operations
|
141
|
|
|
138
|
|
|
409
|
|
|
397
|
|
||||
Selling, general and administrative
|
352
|
|
|
329
|
|
|
1,027
|
|
|
1,012
|
|
||||
Restructuring, net
|
4
|
|
|
17
|
|
|
15
|
|
|
20
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
||||
Interest expense
|
153
|
|
|
125
|
|
|
442
|
|
|
390
|
|
||||
|
2,719
|
|
|
2,981
|
|
|
7,992
|
|
|
8,608
|
|
||||
(Loss) income from continuing operations before income tax benefit
|
(399
|
)
|
|
(412
|
)
|
|
(1,621
|
)
|
|
367
|
|
||||
Income tax benefit
|
26
|
|
|
78
|
|
|
12
|
|
|
77
|
|
||||
(Loss) income from continuing operations
|
(373
|
)
|
|
(334
|
)
|
|
(1,609
|
)
|
|
444
|
|
||||
Income (loss) from discontinued operations
|
—
|
|
|
176
|
|
|
(24
|
)
|
|
388
|
|
||||
Net (loss) income
|
(373
|
)
|
|
(158
|
)
|
|
(1,633
|
)
|
|
832
|
|
||||
Less: net (loss) income attributable to non-controlling interests
|
(324
|
)
|
|
(276
|
)
|
|
(693
|
)
|
|
279
|
|
||||
Net (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(940
|
)
|
|
$
|
553
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(49
|
)
|
|
$
|
(45
|
)
|
|
$
|
(916
|
)
|
|
$
|
202
|
|
Discontinued operations
|
—
|
|
|
163
|
|
|
(24
|
)
|
|
351
|
|
||||
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(940
|
)
|
|
$
|
553
|
|
Net (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(49
|
)
|
|
$
|
116
|
|
|
$
|
(931
|
)
|
|
$
|
547
|
|
General partner
|
—
|
|
|
2
|
|
|
(9
|
)
|
|
6
|
|
||||
|
$
|
(49
|
)
|
|
$
|
118
|
|
|
$
|
(940
|
)
|
|
$
|
553
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net (loss) income
|
$
|
(373
|
)
|
|
$
|
(158
|
)
|
|
$
|
(1,633
|
)
|
|
$
|
832
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
(3
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(86
|
)
|
||||
Post-retirement benefits and other
|
(1
|
)
|
|
3
|
|
|
1
|
|
|
18
|
|
||||
Other comprehensive loss, net of tax
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(68
|
)
|
||||
Comprehensive (loss) income
|
(377
|
)
|
|
(166
|
)
|
|
(1,636
|
)
|
|
764
|
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(325
|
)
|
|
(278
|
)
|
|
(694
|
)
|
|
271
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(52
|
)
|
|
$
|
112
|
|
|
$
|
(942
|
)
|
|
$
|
493
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(52
|
)
|
|
$
|
111
|
|
|
$
|
(933
|
)
|
|
$
|
488
|
|
General partner
|
—
|
|
|
1
|
|
|
(9
|
)
|
|
5
|
|
||||
|
$
|
(52
|
)
|
|
$
|
112
|
|
|
$
|
(942
|
)
|
|
$
|
493
|
|
|
Equity Attributable to Icahn Enterprises Holdings
|
|
|
|
|
||||||||||||||
|
General Partner’s Equity (Deficit)
|
|
Limited
Partner’s Equity
|
|
Total Partners’ Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2018
|
$
|
(864
|
)
|
|
$
|
7,452
|
|
|
$
|
6,588
|
|
|
$
|
6,420
|
|
|
$
|
13,008
|
|
Net loss
|
(4
|
)
|
|
(390
|
)
|
|
(394
|
)
|
|
(270
|
)
|
|
(664
|
)
|
|||||
Distribution payable
|
(4
|
)
|
|
(387
|
)
|
|
(391
|
)
|
|
—
|
|
|
(391
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
63
|
|
|
64
|
|
|
(307
|
)
|
|
(243
|
)
|
|||||
Balance, March 31, 2019
|
(871
|
)
|
|
6,738
|
|
|
5,867
|
|
|
5,813
|
|
|
11,680
|
|
|||||
Net loss
|
(5
|
)
|
|
(492
|
)
|
|
(497
|
)
|
|
(99
|
)
|
|
(596
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Distribution payable reversal
|
4
|
|
|
387
|
|
|
391
|
|
|
—
|
|
|
391
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(54
|
)
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||||
Partnership contribution
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
70
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
2
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Balance, June 30, 2019
|
(872
|
)
|
|
6,592
|
|
|
5,720
|
|
|
5,755
|
|
|
11,475
|
|
|||||
Net loss
|
—
|
|
|
(49
|
)
|
|
(49
|
)
|
|
(324
|
)
|
|
(373
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(59
|
)
|
|
(60
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
Partnership contribution
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
150
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
(34
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(31
|
)
|
|
(34
|
)
|
|||||
Balance, September 30, 2019
|
$
|
(873
|
)
|
|
$
|
6,503
|
|
|
$
|
5,630
|
|
|
$
|
5,515
|
|
|
$
|
11,145
|
|
|
Equity Attributable to Icahn Enterprises Holdings
|
|
|
|
|
||||||||||||||
|
General Partner’s Equity (Deficit)
|
|
Limited
Partner’s Equity
|
|
Total Partners’ Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2017
|
$
|
(286
|
)
|
|
$
|
5,481
|
|
|
$
|
5,195
|
|
|
$
|
6,318
|
|
|
$
|
11,513
|
|
Net income
|
1
|
|
|
131
|
|
|
132
|
|
|
280
|
|
|
412
|
|
|||||
Other comprehensive income
|
1
|
|
|
39
|
|
|
40
|
|
|
3
|
|
|
43
|
|
|||||
Distribution payable
|
(3
|
)
|
|
(307
|
)
|
|
(310
|
)
|
|
—
|
|
|
(310
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
280
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principle
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
1
|
|
|
1
|
|
|
10
|
|
|
11
|
|
|||||
Balance, March 31, 2018
|
(287
|
)
|
|
5,316
|
|
|
5,029
|
|
|
6,860
|
|
|
11,889
|
|
|||||
Net loss
|
3
|
|
|
300
|
|
|
303
|
|
|
275
|
|
|
578
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(93
|
)
|
|
(94
|
)
|
|
(9
|
)
|
|
(103
|
)
|
|||||
Distribution payable reversal
|
3
|
|
|
307
|
|
|
310
|
|
|
—
|
|
|
310
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(47
|
)
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|||||
Balance, June 30, 2018
|
(283
|
)
|
|
5,777
|
|
|
5,494
|
|
|
7,078
|
|
|
12,572
|
|
|||||
Net loss (loss)
|
2
|
|
|
116
|
|
|
118
|
|
|
(276
|
)
|
|
(158
|
)
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|||||
Partnership distributions
|
—
|
|
|
(25
|
)
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
92
|
|
|
93
|
|
|
6
|
|
|
99
|
|
|||||
Balance, September 30, 2018
|
$
|
(281
|
)
|
|
$
|
5,955
|
|
|
$
|
5,674
|
|
|
$
|
6,775
|
|
|
$
|
12,449
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,633
|
)
|
|
$
|
832
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Loss (income) from discontinued operations
|
24
|
|
|
(388
|
)
|
||
Net loss (gain) from securities transactions
|
314
|
|
|
(858
|
)
|
||
Purchases of securities
|
(3,885
|
)
|
|
(3,911
|
)
|
||
Proceeds from sales of securities
|
2,133
|
|
|
5,538
|
|
||
Payments to cover securities sold, not yet purchased
|
(451
|
)
|
|
(1,390
|
)
|
||
Proceeds from securities sold, not yet purchased
|
142
|
|
|
949
|
|
||
Changes in receivables and payables relating to securities transactions
|
609
|
|
|
(609
|
)
|
||
Gain on disposition of assets, net
|
(256
|
)
|
|
(65
|
)
|
||
Depreciation and amortization
|
389
|
|
|
383
|
|
||
Deferred taxes
|
(84
|
)
|
|
(85
|
)
|
||
Other, net
|
(2
|
)
|
|
47
|
|
||
Changes in operating assets and liabilities
|
832
|
|
|
(548
|
)
|
||
Net cash used in operating activities from continuing operations
|
(1,868
|
)
|
|
(105
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
436
|
|
||
Net cash (used in) provided by operating activities
|
(1,868
|
)
|
|
331
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(195
|
)
|
|
(193
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(52
|
)
|
|
(13
|
)
|
||
Purchases of investments
|
(50
|
)
|
|
(25
|
)
|
||
Proceeds from sale of investments
|
458
|
|
|
1
|
|
||
Proceeds from disposition of businesses and assets
|
491
|
|
|
158
|
|
||
Other, net
|
(21
|
)
|
|
(7
|
)
|
||
Net cash provided by (used in) investing activities from continuing operations
|
631
|
|
|
(79
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(393
|
)
|
||
Net cash provided by (used in) investing activities
|
631
|
|
|
(472
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
220
|
|
|
280
|
|
||
Partnership contributions
|
35
|
|
|
—
|
|
||
Partnership distributions
|
(83
|
)
|
|
(73
|
)
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(90
|
)
|
|
(95
|
)
|
||
Proceeds from Holding Company senior unsecured notes
|
1,757
|
|
|
—
|
|
||
Repayments of Holding Company senior unsecured notes
|
(1,700
|
)
|
|
—
|
|
||
Proceeds from subsidiary borrowings
|
565
|
|
|
1,003
|
|
||
Repayments of subsidiary borrowings
|
(597
|
)
|
|
(1,046
|
)
|
||
Other, net
|
(3
|
)
|
|
12
|
|
||
Net cash (used in) provided by financing activities from continuing operations
|
(137
|
)
|
|
81
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(159
|
)
|
||
Net cash used in financing activities
|
(137
|
)
|
|
(78
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(2
|
)
|
|
(1
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(83
|
)
|
|
70
|
|
||
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(1,459
|
)
|
|
(150
|
)
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
5,338
|
|
|
1,911
|
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
3,879
|
|
|
$
|
1,761
|
|
1.
|
Description of Business.
|
2.
|
Basis of Presentation and Summary of Significant Accounting Policies.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
84
|
|
|
$
|
415
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
600
|
|
|
2,648
|
|
||
Investments
|
8,718
|
|
|
6,951
|
|
||
Due from brokers
|
842
|
|
|
664
|
|
||
Inventories, net
|
57
|
|
|
380
|
|
||
Property, plant and equipment, net
|
1,125
|
|
|
3,012
|
|
||
Intangible assets, net
|
256
|
|
|
278
|
|
||
Other assets
|
345
|
|
|
930
|
|
||
Accounts payable, accrued expenses and other liabilities
|
1,481
|
|
|
516
|
|
||
Securities sold, not yet purchased, at fair value
|
223
|
|
|
468
|
|
||
Due to brokers
|
114
|
|
|
141
|
|
||
Debt
|
632
|
|
|
1,167
|
|
3.
|
Related Party Transactions.
|
4.
|
Investments.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
(in millions)
|
||||||
Investments:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Basic materials
|
$
|
262
|
|
|
$
|
414
|
|
Consumer, non-cyclical
|
1,704
|
|
|
2,161
|
|
||
Consumer, cyclical
|
2,149
|
|
|
1,161
|
|
||
Energy
|
1,943
|
|
|
1,598
|
|
||
Financial
|
264
|
|
|
167
|
|
||
Technology
|
2,092
|
|
|
1,040
|
|
||
Other
|
135
|
|
|
145
|
|
||
|
8,549
|
|
|
6,686
|
|
||
Corporate debt securities
|
169
|
|
|
181
|
|
||
|
$
|
8,718
|
|
|
$
|
6,867
|
|
Liabilities
|
|
|
|
||||
Securities sold, not yet purchased, at fair value:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Consumer, non-cyclical
|
$
|
12
|
|
|
$
|
57
|
|
Consumer, cyclical
|
93
|
|
|
106
|
|
||
Energy
|
118
|
|
|
305
|
|
||
|
$
|
223
|
|
|
$
|
468
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Equity method investments
|
$
|
199
|
|
|
$
|
143
|
|
Other investments (measured at fair value)
|
520
|
|
|
1,327
|
|
||
|
$
|
719
|
|
|
$
|
1,470
|
|
5.
|
Fair Value Measurements.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
8,918
|
|
|
$
|
305
|
|
|
$
|
3
|
|
|
$
|
9,226
|
|
|
$
|
7,493
|
|
|
$
|
317
|
|
|
$
|
372
|
|
|
$
|
8,182
|
|
Derivative contracts, at fair value (Note 6)(1)
|
—
|
|
|
149
|
|
|
—
|
|
|
149
|
|
|
7
|
|
|
517
|
|
|
—
|
|
|
524
|
|
||||||||
|
$
|
8,918
|
|
|
$
|
454
|
|
|
$
|
3
|
|
|
$
|
9,375
|
|
|
$
|
7,500
|
|
|
$
|
834
|
|
|
$
|
372
|
|
|
$
|
8,706
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
223
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
223
|
|
|
$
|
468
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
468
|
|
Derivative contracts, at fair value (Note 6)
|
—
|
|
|
461
|
|
|
—
|
|
|
461
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||||||
Other liabilities
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
|
$
|
223
|
|
|
$
|
470
|
|
|
$
|
—
|
|
|
$
|
693
|
|
|
$
|
468
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
506
|
|
(1)
|
Amounts are classified within other assets in our condensed consolidated balance sheets.
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
372
|
|
|
$
|
278
|
|
Net gains recognized in income
|
89
|
|
|
91
|
|
||
Sales
|
(458
|
)
|
|
—
|
|
||
Other
|
—
|
|
|
(1
|
)
|
||
Balance at September 30
|
$
|
3
|
|
|
$
|
368
|
|
6.
|
Financial Instruments.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Long Notional Exposure
|
|
Short Notional Exposure
|
|
Long Notional Exposure
|
|
Short Notional Exposure
|
||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
742
|
|
|
$
|
10,019
|
|
|
$
|
118
|
|
|
$
|
8,368
|
|
Credit contracts(1)
|
—
|
|
|
593
|
|
|
—
|
|
|
479
|
|
||||
Commodity contracts
|
—
|
|
|
52
|
|
|
—
|
|
|
114
|
|
(1)
|
The short notional amount on our credit default swap positions was approximately $3.5 billion at September 30, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $593 million as of September 30, 2019. The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018.
|
|
Asset Derivatives(1)
|
|
Liability Derivatives
|
||||||||||||
September 30, 2019
|
|
December 31, 2018
|
|
September 30, 2019
|
|
December 31, 2018
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
188
|
|
|
$
|
568
|
|
|
$
|
408
|
|
|
$
|
170
|
|
Credit contracts
|
—
|
|
|
76
|
|
|
108
|
|
|
—
|
|
||||
Commodity contracts
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||
Sub-total
|
188
|
|
|
651
|
|
|
516
|
|
|
170
|
|
||||
Netting across contract types(2)
|
(55
|
)
|
|
(134
|
)
|
|
(55
|
)
|
|
(134
|
)
|
||||
Total(2)
|
$
|
133
|
|
|
$
|
517
|
|
|
$
|
461
|
|
|
$
|
36
|
|
(1)
|
Net asset derivatives are classified within other assets in our condensed consolidated balance sheets.
|
(2)
|
Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2019 and December 31, 2018 was $314 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.
|
|
Gain (Loss) Recognized in Income(1)
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
(213
|
)
|
|
$
|
(564
|
)
|
|
$
|
(1,464
|
)
|
|
$
|
(653
|
)
|
Credit contracts
|
(52
|
)
|
|
12
|
|
|
(184
|
)
|
|
65
|
|
||||
Commodity contracts
|
3
|
|
|
13
|
|
|
(6
|
)
|
|
57
|
|
||||
|
$
|
(262
|
)
|
|
$
|
(539
|
)
|
|
$
|
(1,654
|
)
|
|
$
|
(531
|
)
|
(1)
|
Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment.
|
7.
|
Inventories, Net.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Raw materials
|
$
|
225
|
|
|
$
|
217
|
|
Work in process
|
91
|
|
|
70
|
|
||
Finished goods
|
1,501
|
|
|
1,492
|
|
||
|
$
|
1,817
|
|
|
$
|
1,779
|
|
8.
|
Goodwill and Intangible Assets, Net.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Automotive
|
$
|
336
|
|
|
$
|
(87
|
)
|
|
$
|
249
|
|
|
$
|
328
|
|
|
$
|
(87
|
)
|
|
$
|
241
|
|
Food Packaging
|
6
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||||
Metals
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Home Fashion
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
368
|
|
|
$
|
(87
|
)
|
|
$
|
281
|
|
|
$
|
334
|
|
|
$
|
(87
|
)
|
|
$
|
247
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
395
|
|
|
$
|
(149
|
)
|
|
$
|
246
|
|
|
$
|
396
|
|
|
$
|
(134
|
)
|
|
$
|
262
|
|
Other
|
284
|
|
|
(143
|
)
|
|
141
|
|
|
316
|
|
|
(139
|
)
|
|
177
|
|
||||||
|
$
|
679
|
|
|
$
|
(292
|
)
|
|
$
|
387
|
|
|
$
|
712
|
|
|
$
|
(273
|
)
|
|
$
|
439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indefinite-lived intangible assets
|
|
|
|
|
$
|
62
|
|
|
|
|
|
|
$
|
62
|
|
||||||||
Intangible assets, net
|
|
|
|
|
$
|
449
|
|
|
|
|
|
|
$
|
501
|
|
9.
|
Leases.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Operating Leases:
|
|
|
|
||||
Right-of-use assets (other assets)
|
$
|
635
|
|
|
$
|
—
|
|
Lease liabilities (accrued expenses and other liabilities)
|
664
|
|
|
—
|
|
||
|
|
|
|
||||
Financing Leases:
|
|
|
|
||||
Right-of-use assets (property, plant and equipment, net)
|
80
|
|
|
41
|
|
||
Lease liabilities (debt)
|
93
|
|
|
52
|
|
Operating Leases
|
|
Right-Of-Use Assets
|
|
Lease Liabilities
|
|
Lease Term
|
|
Discount Rate
|
||||
|
|
(in millions)
|
|
|
|
|
||||||
Energy
|
|
$
|
48
|
|
|
$
|
47
|
|
|
3.9 years
|
|
5.7%
|
Automotive
|
|
521
|
|
|
547
|
|
|
5.3 years
|
|
5.7%
|
||
Food Packaging
|
|
34
|
|
|
38
|
|
|
12.7 years
|
|
7.5%
|
||
Other segments and Holding Company
|
|
32
|
|
|
32
|
|
|
|
|
|
||
|
|
$
|
635
|
|
|
$
|
664
|
|
|
|
|
|
Year
|
|
Operating Leases
|
|
Financing
Leases
|
||||
|
|
(in millions)
|
||||||
Remainder of 2019
|
|
$
|
54
|
|
|
$
|
6
|
|
2020
|
|
176
|
|
|
19
|
|
||
2021
|
|
152
|
|
|
14
|
|
||
2022
|
|
131
|
|
|
14
|
|
||
2023
|
|
80
|
|
|
12
|
|
||
Thereafter
|
|
206
|
|
|
67
|
|
||
Total lease payments
|
|
799
|
|
|
132
|
|
||
Less: imputed interest
|
|
(135
|
)
|
|
(39
|
)
|
||
|
|
$
|
664
|
|
|
$
|
93
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Operating lease expense
|
$
|
48
|
|
|
$
|
48
|
|
|
$
|
145
|
|
|
$
|
142
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of financing lease right-of-use assets
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
10
|
|
|
$
|
5
|
|
Interest expense on financing lease liabilities
|
2
|
|
|
2
|
|
|
6
|
|
|
4
|
|
10.
|
Debt.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Holding Company:
|
|
|
|
||||
6.000% senior unsecured notes due 2020
|
$
|
—
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,345
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,212
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
4.750% senior unsecured notes due 2024
|
498
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
6.250% senior unsecured notes due 2026
|
1,250
|
|
|
—
|
|
||
|
5,551
|
|
|
5,505
|
|
||
Reporting Segments:
|
|
|
|
||||
Energy
|
1,195
|
|
|
1,170
|
|
||
Automotive
|
403
|
|
|
372
|
|
||
Food Packaging
|
269
|
|
|
273
|
|
||
Metals
|
10
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
19
|
|
|
4
|
|
||
|
1,898
|
|
|
1,821
|
|
||
Total Debt
|
$
|
7,449
|
|
|
$
|
7,326
|
|
11.
|
Net Income Per LP Unit.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions, except per unit amounts)
|
||||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations
|
$
|
(49
|
)
|
|
$
|
(45
|
)
|
|
$
|
(917
|
)
|
|
$
|
201
|
|
Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
|
$
|
(48
|
)
|
|
$
|
(44
|
)
|
|
$
|
(899
|
)
|
|
$
|
197
|
|
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
|
$
|
—
|
|
|
$
|
160
|
|
|
$
|
(23
|
)
|
|
$
|
344
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted (loss) income per LP unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(4.56
|
)
|
|
$
|
1.11
|
|
Discontinued operations
|
—
|
|
|
0.88
|
|
|
(0.12
|
)
|
|
1.93
|
|
||||
|
$
|
(0.24
|
)
|
|
$
|
0.64
|
|
|
$
|
(4.68
|
)
|
|
$
|
3.04
|
|
Basic and diluted weighted average LP units outstanding
|
202
|
|
|
183
|
|
|
197
|
|
|
178
|
|
12.
|
Segment Reporting.
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,622
|
|
|
$
|
596
|
|
|
$
|
98
|
|
|
$
|
82
|
|
|
$
|
6
|
|
|
$
|
51
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
2,484
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170
|
|
||||||||||
Net (loss) gain from investment activities
|
(699
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
(657
|
)
|
||||||||||
Interest and dividend income
|
50
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
69
|
|
||||||||||
(Loss) gain on disposition of assets, net
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
249
|
|
||||||||||
Other income (loss), net
|
—
|
|
|
5
|
|
|
5
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
|
5
|
|
||||||||||
|
(649
|
)
|
|
1,625
|
|
|
749
|
|
|
92
|
|
|
82
|
|
|
29
|
|
|
51
|
|
|
280
|
|
|
61
|
|
|
2,320
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,440
|
|
|
409
|
|
|
80
|
|
|
84
|
|
|
5
|
|
|
43
|
|
|
8
|
|
|
—
|
|
|
2,069
|
|
||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
||||||||||
Selling, general and administrative
|
5
|
|
|
36
|
|
|
271
|
|
|
15
|
|
|
3
|
|
|
4
|
|
|
12
|
|
|
2
|
|
|
4
|
|
|
352
|
|
||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||
Interest expense
|
27
|
|
|
27
|
|
|
5
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
88
|
|
|
153
|
|
||||||||||
|
32
|
|
|
1,503
|
|
|
811
|
|
|
100
|
|
|
89
|
|
|
25
|
|
|
56
|
|
|
11
|
|
|
92
|
|
|
2,719
|
|
||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(681
|
)
|
|
122
|
|
|
(62
|
)
|
|
(8
|
)
|
|
(7
|
)
|
|
4
|
|
|
(5
|
)
|
|
269
|
|
|
(31
|
)
|
|
(399
|
)
|
||||||||||
Income tax (expense) benefit
|
—
|
|
|
(30
|
)
|
|
14
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
45
|
|
|
26
|
|
||||||||||
Net (loss) income from continuing operations
|
(681
|
)
|
|
92
|
|
|
(48
|
)
|
|
(12
|
)
|
|
(7
|
)
|
|
4
|
|
|
(5
|
)
|
|
270
|
|
|
14
|
|
|
(373
|
)
|
||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(339
|
)
|
|
13
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(324
|
)
|
||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(342
|
)
|
|
$
|
79
|
|
|
$
|
(48
|
)
|
|
$
|
(10
|
)
|
|
$
|
(7
|
)
|
|
$
|
4
|
|
|
$
|
(5
|
)
|
|
$
|
266
|
|
|
$
|
14
|
|
|
$
|
(49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
63
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
25
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
129
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,935
|
|
|
$
|
591
|
|
|
$
|
98
|
|
|
$
|
120
|
|
|
$
|
7
|
|
|
$
|
38
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
2,815
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
||||||||||
Net (loss) gain from investment activities
|
(549
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
(514
|
)
|
||||||||||
Interest and dividend income
|
27
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
36
|
|
||||||||||
Gain (loss) on disposition of assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
65
|
|
||||||||||
Other income (loss), net
|
—
|
|
|
3
|
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
||||||||||
|
(522
|
)
|
|
1,938
|
|
|
733
|
|
|
97
|
|
|
121
|
|
|
101
|
|
|
38
|
|
|
27
|
|
|
36
|
|
|
2,569
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,751
|
|
|
372
|
|
|
77
|
|
|
115
|
|
|
6
|
|
|
33
|
|
|
18
|
|
|
—
|
|
|
2,372
|
|
||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138
|
|
||||||||||
Selling, general and administrative
|
4
|
|
|
31
|
|
|
253
|
|
|
14
|
|
|
5
|
|
|
2
|
|
|
8
|
|
|
6
|
|
|
6
|
|
|
329
|
|
||||||||||
Restructuring, net
|
—
|
|
|
4
|
|
|
4
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
17
|
|
||||||||||
Interest expense
|
6
|
|
|
26
|
|
|
4
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
125
|
|
||||||||||
|
10
|
|
|
1,812
|
|
|
757
|
|
|
106
|
|
|
120
|
|
|
22
|
|
|
40
|
|
|
24
|
|
|
90
|
|
|
2,981
|
|
||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(532
|
)
|
|
126
|
|
|
(24
|
)
|
|
(9
|
)
|
|
1
|
|
|
79
|
|
|
(2
|
)
|
|
3
|
|
|
(54
|
)
|
|
(412
|
)
|
||||||||||
Income tax (expense) benefit
|
—
|
|
|
(28
|
)
|
|
11
|
|
|
(2
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
103
|
|
|
78
|
|
||||||||||
Net (loss) income from continuing operations
|
(532
|
)
|
|
98
|
|
|
(13
|
)
|
|
(11
|
)
|
|
1
|
|
|
73
|
|
|
(2
|
)
|
|
3
|
|
|
49
|
|
|
(334
|
)
|
||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(326
|
)
|
|
40
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(289
|
)
|
||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(206
|
)
|
|
$
|
58
|
|
|
$
|
(13
|
)
|
|
$
|
(9
|
)
|
|
$
|
1
|
|
|
$
|
73
|
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
|
$
|
50
|
|
|
$
|
(45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
16
|
|
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
67
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
23
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
125
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
4,794
|
|
|
$
|
1,736
|
|
|
$
|
290
|
|
|
$
|
270
|
|
|
$
|
17
|
|
|
$
|
134
|
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
7,371
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
445
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
504
|
|
||||||||||
Net loss from investment activities
|
(1,619
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(349
|
)
|
|
(1,968
|
)
|
||||||||||
Interest and dividend income
|
132
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
55
|
|
|
192
|
|
||||||||||
Gain (loss) on disposition of assets, net
|
—
|
|
|
5
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
256
|
|
||||||||||
Other (loss) income, net
|
(1
|
)
|
|
10
|
|
|
12
|
|
|
(8
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
|
16
|
|
||||||||||
|
(1,488
|
)
|
|
4,812
|
|
|
2,191
|
|
|
282
|
|
|
271
|
|
|
79
|
|
|
134
|
|
|
382
|
|
|
(292
|
)
|
|
6,371
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
4,229
|
|
|
1,190
|
|
|
230
|
|
|
269
|
|
|
14
|
|
|
115
|
|
|
51
|
|
|
—
|
|
|
6,098
|
|
||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
368
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
409
|
|
||||||||||
Selling, general and administrative
|
10
|
|
|
107
|
|
|
779
|
|
|
44
|
|
|
11
|
|
|
16
|
|
|
31
|
|
|
15
|
|
|
14
|
|
|
1,027
|
|
||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
3
|
|
|
9
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
Interest expense
|
66
|
|
|
80
|
|
|
15
|
|
|
12
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
264
|
|
|
443
|
|
||||||||||
|
76
|
|
|
4,416
|
|
|
2,355
|
|
|
296
|
|
|
284
|
|
|
71
|
|
|
147
|
|
|
70
|
|
|
278
|
|
|
7,993
|
|
||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(1,564
|
)
|
|
396
|
|
|
(164
|
)
|
|
(14
|
)
|
|
(13
|
)
|
|
8
|
|
|
(13
|
)
|
|
312
|
|
|
(570
|
)
|
|
(1,622
|
)
|
||||||||||
Income tax (expense) benefit
|
—
|
|
|
(98
|
)
|
|
36
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
76
|
|
|
12
|
|
||||||||||
Net (loss) income from continuing operations
|
(1,564
|
)
|
|
298
|
|
|
(128
|
)
|
|
(16
|
)
|
|
(13
|
)
|
|
9
|
|
|
(13
|
)
|
|
311
|
|
|
(494
|
)
|
|
(1,610
|
)
|
||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(779
|
)
|
|
77
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(693
|
)
|
||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(785
|
)
|
|
$
|
221
|
|
|
$
|
(128
|
)
|
|
$
|
(13
|
)
|
|
$
|
(13
|
)
|
|
$
|
9
|
|
|
$
|
(13
|
)
|
|
$
|
299
|
|
|
$
|
(494
|
)
|
|
$
|
(917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
42
|
|
|
$
|
12
|
|
|
$
|
20
|
|
|
$
|
18
|
|
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
195
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
265
|
|
|
$
|
73
|
|
|
$
|
19
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
389
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Railcar
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
5,386
|
|
|
$
|
1,732
|
|
|
$
|
299
|
|
|
$
|
370
|
|
|
$
|
14
|
|
|
$
|
125
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,998
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
426
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491
|
|
|||||||||||
Net gain from investment activities
|
233
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95
|
|
|
328
|
|
|||||||||||
Interest and dividend income
|
73
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
7
|
|
|
98
|
|
|||||||||||
(Loss) gain on disposition of assets, net
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
(2
|
)
|
|
5
|
|
|
—
|
|
|
65
|
|
|||||||||||
Other (loss) income, net
|
(1
|
)
|
|
6
|
|
|
(2
|
)
|
|
(15
|
)
|
|
1
|
|
|
—
|
|
|
1
|
|
|
7
|
|
|
—
|
|
|
(2
|
)
|
|
(5
|
)
|
|||||||||||
|
305
|
|
|
5,388
|
|
|
2,156
|
|
|
285
|
|
|
371
|
|
|
161
|
|
|
126
|
|
|
78
|
|
|
5
|
|
|
100
|
|
|
8,975
|
|
|||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
4,914
|
|
|
1,116
|
|
|
234
|
|
|
349
|
|
|
11
|
|
|
108
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
6,786
|
|
|||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
355
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
397
|
|
|||||||||||
Selling, general and administrative
|
6
|
|
|
102
|
|
|
769
|
|
|
44
|
|
|
14
|
|
|
15
|
|
|
26
|
|
|
18
|
|
|
1
|
|
|
17
|
|
|
1,012
|
|
|||||||||||
Restructuring, net
|
—
|
|
|
4
|
|
|
4
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||||||||
Impairment
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||
Interest expense
|
33
|
|
|
80
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
251
|
|
|
391
|
|
|||||||||||
|
39
|
|
|
5,100
|
|
|
2,259
|
|
|
300
|
|
|
363
|
|
|
68
|
|
|
136
|
|
|
74
|
|
|
2
|
|
|
268
|
|
|
8,609
|
|
|||||||||||
Income (loss) from continuing operations before income tax (expense) benefit
|
266
|
|
|
288
|
|
|
(103
|
)
|
|
(15
|
)
|
|
8
|
|
|
93
|
|
|
(10
|
)
|
|
4
|
|
|
3
|
|
|
(168
|
)
|
|
366
|
|
|||||||||||
Income tax (expense) benefit
|
—
|
|
|
(52
|
)
|
|
38
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
101
|
|
|
77
|
|
|||||||||||
Net income (loss) from continuing operations
|
266
|
|
|
236
|
|
|
(65
|
)
|
|
(15
|
)
|
|
8
|
|
|
87
|
|
|
(10
|
)
|
|
2
|
|
|
1
|
|
|
(67
|
)
|
|
443
|
|
|||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
154
|
|
|
93
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
242
|
|
|||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises
|
$
|
112
|
|
|
$
|
143
|
|
|
$
|
(65
|
)
|
|
$
|
(12
|
)
|
|
$
|
8
|
|
|
$
|
87
|
|
|
$
|
(10
|
)
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
(66
|
)
|
|
$
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
53
|
|
|
$
|
17
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
4
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
193
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
252
|
|
|
$
|
72
|
|
|
$
|
19
|
|
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
383
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Petroleum products
|
$
|
1,533
|
|
|
$
|
1,855
|
|
|
$
|
4,476
|
|
|
$
|
5,133
|
|
Nitrogen fertilizer products
|
89
|
|
|
80
|
|
|
318
|
|
|
253
|
|
||||
|
$
|
1,622
|
|
|
$
|
1,935
|
|
|
$
|
4,794
|
|
|
$
|
5,386
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Automotive services
|
$
|
356
|
|
|
$
|
341
|
|
|
$
|
1,028
|
|
|
$
|
992
|
|
Aftermarket parts sales
|
388
|
|
|
394
|
|
|
1,153
|
|
|
1,166
|
|
||||
|
$
|
744
|
|
|
$
|
735
|
|
|
$
|
2,181
|
|
|
$
|
2,158
|
|
|
September 30, 2019
|
||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
9
|
|
|
$
|
692
|
|
|
$
|
48
|
|
|
$
|
18
|
|
|
$
|
3
|
|
|
$
|
40
|
|
|
$
|
3
|
|
|
$
|
2,453
|
|
|
$
|
3,266
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
600
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
9
|
|
|
613
|
|
|||||||||
Investments
|
8,718
|
|
|
82
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
505
|
|
|
9,437
|
|
|||||||||
Accounts receivable, net
|
—
|
|
|
181
|
|
|
158
|
|
|
84
|
|
|
41
|
|
|
4
|
|
|
32
|
|
|
—
|
|
|
500
|
|
|||||||||
Inventories, net
|
—
|
|
|
388
|
|
|
1,210
|
|
|
103
|
|
|
38
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
1,817
|
|
|||||||||
Property, plant and equipment, net
|
—
|
|
|
2,919
|
|
|
936
|
|
|
160
|
|
|
122
|
|
|
387
|
|
|
68
|
|
|
—
|
|
|
4,592
|
|
|||||||||
Goodwill and intangible assets, net
|
—
|
|
|
263
|
|
|
385
|
|
|
30
|
|
|
13
|
|
|
18
|
|
|
21
|
|
|
—
|
|
|
730
|
|
|||||||||
Other assets
|
1,155
|
|
|
222
|
|
|
696
|
|
|
124
|
|
|
21
|
|
|
33
|
|
|
21
|
|
|
30
|
|
|
2,302
|
|
|||||||||
Total assets
|
$
|
10,482
|
|
|
$
|
4,747
|
|
|
$
|
3,550
|
|
|
$
|
520
|
|
|
$
|
239
|
|
|
$
|
499
|
|
|
$
|
223
|
|
|
$
|
2,997
|
|
|
$
|
23,257
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
1,500
|
|
|
$
|
1,185
|
|
|
$
|
1,305
|
|
|
$
|
195
|
|
|
$
|
65
|
|
|
$
|
40
|
|
|
$
|
55
|
|
|
$
|
92
|
|
|
$
|
4,437
|
|
Securities sold, not yet purchased, at fair value
|
223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|||||||||
Debt
|
—
|
|
|
1,195
|
|
|
403
|
|
|
269
|
|
|
10
|
|
|
2
|
|
|
19
|
|
|
5,551
|
|
|
7,449
|
|
|||||||||
Total liabilities
|
1,723
|
|
|
2,380
|
|
|
1,708
|
|
|
464
|
|
|
75
|
|
|
42
|
|
|
74
|
|
|
5,643
|
|
|
12,109
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity attributable to Icahn Enterprises
|
4,283
|
|
|
1,342
|
|
|
1,842
|
|
|
42
|
|
|
164
|
|
|
457
|
|
|
149
|
|
|
(2,646
|
)
|
|
5,633
|
|
|||||||||
Equity attributable to non-controlling interests
|
4,476
|
|
|
1,025
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,515
|
|
|||||||||
Total equity
|
8,759
|
|
|
2,367
|
|
|
1,842
|
|
|
56
|
|
|
164
|
|
|
457
|
|
|
149
|
|
|
(2,646
|
)
|
|
11,148
|
|
|||||||||
Total liabilities and equity
|
$
|
10,482
|
|
|
$
|
4,747
|
|
|
$
|
3,550
|
|
|
$
|
520
|
|
|
$
|
239
|
|
|
$
|
499
|
|
|
$
|
223
|
|
|
$
|
2,997
|
|
|
$
|
23,257
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
5
|
|
|
$
|
668
|
|
|
$
|
43
|
|
|
$
|
46
|
|
|
$
|
20
|
|
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1,834
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,648
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
26
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
2,682
|
|
||||||||||
Investments
|
6,867
|
|
|
84
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
1,312
|
|
|
8,337
|
|
||||||||||
Accounts receivable, net
|
—
|
|
|
169
|
|
|
149
|
|
|
74
|
|
|
48
|
|
|
3
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
474
|
|
||||||||||
Inventories, net
|
—
|
|
|
380
|
|
|
1,203
|
|
|
93
|
|
|
39
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
1,779
|
|
||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,027
|
|
|
941
|
|
|
169
|
|
|
115
|
|
|
367
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
4,688
|
|
||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
278
|
|
|
412
|
|
|
32
|
|
|
2
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
748
|
|
||||||||||
Other assets
|
1,230
|
|
|
225
|
|
|
217
|
|
|
96
|
|
|
8
|
|
|
34
|
|
|
5
|
|
|
299
|
|
|
11
|
|
|
2,125
|
|
||||||||||
Total assets
|
$
|
10,750
|
|
|
$
|
4,831
|
|
|
$
|
3,024
|
|
|
$
|
511
|
|
|
$
|
233
|
|
|
$
|
508
|
|
|
$
|
172
|
|
|
$
|
299
|
|
|
$
|
3,161
|
|
|
$
|
23,489
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
181
|
|
|
$
|
1,043
|
|
|
$
|
905
|
|
|
$
|
164
|
|
|
$
|
56
|
|
|
$
|
41
|
|
|
$
|
35
|
|
|
$
|
112
|
|
|
$
|
178
|
|
|
$
|
2,715
|
|
Securities sold, not yet purchased, at fair value
|
468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
468
|
|
||||||||||
Debt
|
—
|
|
|
1,170
|
|
|
372
|
|
|
273
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
5,505
|
|
|
7,326
|
|
||||||||||
Total liabilities
|
649
|
|
|
2,213
|
|
|
1,277
|
|
|
437
|
|
|
56
|
|
|
43
|
|
|
39
|
|
|
112
|
|
|
5,683
|
|
|
10,509
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
5,066
|
|
|
1,274
|
|
|
1,747
|
|
|
55
|
|
|
177
|
|
|
465
|
|
|
133
|
|
|
165
|
|
|
(2,522
|
)
|
|
6,560
|
|
||||||||||
Equity attributable to non-controlling interests
|
5,035
|
|
|
1,344
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
6,420
|
|
||||||||||
Total equity
|
10,101
|
|
|
2,618
|
|
|
1,747
|
|
|
74
|
|
|
177
|
|
|
465
|
|
|
133
|
|
|
187
|
|
|
(2,522
|
)
|
|
12,980
|
|
||||||||||
Total liabilities and equity
|
$
|
10,750
|
|
|
$
|
4,831
|
|
|
$
|
3,024
|
|
|
$
|
511
|
|
|
$
|
233
|
|
|
$
|
508
|
|
|
$
|
172
|
|
|
$
|
299
|
|
|
$
|
3,161
|
|
|
$
|
23,489
|
|
13.
|
Discontinued Operations.
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
|
Federal-Mogul
|
|
Tropicana
|
|
ARI
|
|
Total
|
||||||||
Revenues:
|
|
||||||||||||||
Net sales
|
$
|
1,890
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
1,930
|
|
Other revenues from operations
|
—
|
|
|
233
|
|
|
60
|
|
|
293
|
|
||||
Interest and dividend income
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Gain on disposition of assets, net
|
65
|
|
|
—
|
|
|
—
|
|
|
65
|
|
||||
Other (loss) income, net
|
(4
|
)
|
|
2
|
|
|
11
|
|
|
9
|
|
||||
|
1,952
|
|
|
235
|
|
|
111
|
|
|
2,298
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,562
|
|
|
—
|
|
|
42
|
|
|
1,604
|
|
||||
Other expenses from operations
|
—
|
|
|
105
|
|
|
36
|
|
|
141
|
|
||||
Selling, general and administrative
|
185
|
|
|
78
|
|
|
11
|
|
|
274
|
|
||||
Restructuring, net
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest expense
|
45
|
|
|
1
|
|
|
5
|
|
|
51
|
|
||||
|
1,807
|
|
|
184
|
|
|
94
|
|
|
2,085
|
|
||||
Income from discontinued operations before income tax expense
|
145
|
|
|
51
|
|
|
17
|
|
|
213
|
|
||||
Income tax expense
|
(28
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
(37
|
)
|
||||
Income from discontinued operations
|
117
|
|
|
46
|
|
|
13
|
|
|
176
|
|
||||
Less: income from discontinued operations attributable to non-controlling interests
|
1
|
|
|
7
|
|
|
5
|
|
|
13
|
|
||||
Income from discontinued operations attributable to Icahn Enterprises
|
$
|
116
|
|
|
$
|
39
|
|
|
$
|
8
|
|
|
$
|
163
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
$
|
88
|
|
|
$
|
17
|
|
|
$
|
57
|
|
|
$
|
162
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
15
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
|
Federal-Mogul
|
|
Tropicana
|
|
ARI
|
|
Total
|
||||||||
Revenues:
|
|
||||||||||||||
Net sales
|
$
|
5,993
|
|
|
$
|
—
|
|
|
$
|
194
|
|
|
$
|
6,187
|
|
Other revenues from operations
|
—
|
|
|
679
|
|
|
169
|
|
|
848
|
|
||||
Interest and dividend income
|
2
|
|
|
1
|
|
|
1
|
|
|
4
|
|
||||
Gain on disposition of assets, net
|
65
|
|
|
—
|
|
|
—
|
|
|
65
|
|
||||
Other income, net
|
5
|
|
|
1
|
|
|
13
|
|
|
19
|
|
||||
|
6,065
|
|
|
681
|
|
|
377
|
|
|
7,123
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
4,999
|
|
|
—
|
|
|
184
|
|
|
5,183
|
|
||||
Other expenses from operations
|
—
|
|
|
311
|
|
|
96
|
|
|
407
|
|
||||
Selling, general and administrative
|
601
|
|
|
238
|
|
|
30
|
|
|
869
|
|
||||
Restructuring, net
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
Impairment
|
2
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
Interest expense
|
137
|
|
|
4
|
|
|
16
|
|
|
157
|
|
||||
|
5,752
|
|
|
553
|
|
|
330
|
|
|
6,635
|
|
||||
Income from discontinued operations before income tax expense
|
313
|
|
|
128
|
|
|
47
|
|
|
488
|
|
||||
Income tax expense
|
(69
|
)
|
|
(19
|
)
|
|
(12
|
)
|
|
(100
|
)
|
||||
Income from discontinued operations
|
244
|
|
|
109
|
|
|
35
|
|
|
388
|
|
||||
Less: income from discontinued operations attributable to non-controlling interests
|
7
|
|
|
17
|
|
|
13
|
|
|
37
|
|
||||
Income from discontinued operations attributable to Icahn Enterprises
|
$
|
237
|
|
|
$
|
92
|
|
|
$
|
22
|
|
|
$
|
351
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
$
|
303
|
|
|
$
|
58
|
|
|
$
|
81
|
|
|
$
|
442
|
|
Depreciation and amortization
|
$
|
100
|
|
|
$
|
19
|
|
|
$
|
46
|
|
|
$
|
165
|
|
14.
|
Income Taxes.
|
15.
|
Changes in Accumulated Other Comprehensive Loss.
|
|
Translation Adjustments, Net of Tax
|
|
Post-Retirement Benefits and Other, Net of Tax
|
|
Total
|
||||||
|
(in millions)
|
||||||||||
Balance, December 31, 2018
|
$
|
(38
|
)
|
|
$
|
(47
|
)
|
|
$
|
(85
|
)
|
Other comprehensive loss before reclassifications, net of tax
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax
|
—
|
|
|
1
|
|
|
1
|
|
|||
Other comprehensive (loss) income, net of tax
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
|||
Elimination of stranded tax effects resulting from tax legislation
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|||
Balance, September 30, 2019
|
$
|
(42
|
)
|
|
$
|
(52
|
)
|
|
$
|
(94
|
)
|
16.
|
Other Income, Net.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Equity earnings from non-consolidated affiliates
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
16
|
|
|
$
|
5
|
|
Foreign currency transaction loss
|
(6
|
)
|
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
||||
Non-service pension and other post-retirement benefits expense
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(8
|
)
|
||||
Gain on extinguishment of debt
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Other
|
2
|
|
|
4
|
|
|
7
|
|
|
(2
|
)
|
||||
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
16
|
|
|
$
|
(5
|
)
|
17.
|
Commitments and Contingencies.
|
18.
|
Supplemental Cash Flow Information.
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Cash payments for interest, net of amounts capitalized
|
$
|
400
|
|
|
$
|
400
|
|
Cash payments (receipts) for income taxes, net of refunds
|
58
|
|
|
(4
|
)
|
19.
|
Subsequent Events.
|
|
Revenues
|
|
Net Income (Loss) From Continuing Operations
|
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Three Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
Three Months Ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(649
|
)
|
|
$
|
(522
|
)
|
|
$
|
(681
|
)
|
|
$
|
(532
|
)
|
|
$
|
(342
|
)
|
|
$
|
(206
|
)
|
Holding Company
|
61
|
|
|
36
|
|
|
14
|
|
|
49
|
|
|
14
|
|
|
50
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
1,625
|
|
|
1,938
|
|
|
92
|
|
|
98
|
|
|
79
|
|
|
58
|
|
||||||
Automotive
|
749
|
|
|
733
|
|
|
(48
|
)
|
|
(13
|
)
|
|
(48
|
)
|
|
(13
|
)
|
||||||
Food Packaging
|
92
|
|
|
97
|
|
|
(12
|
)
|
|
(11
|
)
|
|
(10
|
)
|
|
(9
|
)
|
||||||
Metals
|
82
|
|
|
121
|
|
|
(7
|
)
|
|
1
|
|
|
(7
|
)
|
|
1
|
|
||||||
Real Estate
|
29
|
|
|
101
|
|
|
4
|
|
|
73
|
|
|
4
|
|
|
73
|
|
||||||
Home Fashion
|
51
|
|
|
38
|
|
|
(5
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(2
|
)
|
||||||
Mining
|
280
|
|
|
27
|
|
|
270
|
|
|
3
|
|
|
266
|
|
|
3
|
|
||||||
Other operating segments
|
2,908
|
|
|
3,055
|
|
|
294
|
|
|
149
|
|
|
279
|
|
|
111
|
|
||||||
Consolidated
|
$
|
2,320
|
|
|
$
|
2,569
|
|
|
$
|
(373
|
)
|
|
$
|
(334
|
)
|
|
$
|
(49
|
)
|
|
$
|
(45
|
)
|
|
Revenues
|
|
Net Income (Loss) From Continuing Operations
|
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Nine Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(1,488
|
)
|
|
$
|
305
|
|
|
$
|
(1,564
|
)
|
|
$
|
266
|
|
|
$
|
(785
|
)
|
|
$
|
112
|
|
Holding Company
|
(292
|
)
|
|
100
|
|
|
(494
|
)
|
|
(67
|
)
|
|
(494
|
)
|
|
(66
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
4,812
|
|
|
5,388
|
|
|
298
|
|
|
236
|
|
|
221
|
|
|
143
|
|
||||||
Automotive
|
2,191
|
|
|
2,156
|
|
|
(128
|
)
|
|
(65
|
)
|
|
(128
|
)
|
|
(65
|
)
|
||||||
Food Packaging
|
282
|
|
|
285
|
|
|
(16
|
)
|
|
(15
|
)
|
|
(13
|
)
|
|
(12
|
)
|
||||||
Metals
|
271
|
|
|
371
|
|
|
(13
|
)
|
|
8
|
|
|
(13
|
)
|
|
8
|
|
||||||
Real Estate
|
79
|
|
|
161
|
|
|
9
|
|
|
87
|
|
|
9
|
|
|
87
|
|
||||||
Home Fashion
|
134
|
|
|
126
|
|
|
(13
|
)
|
|
(10
|
)
|
|
(13
|
)
|
|
(10
|
)
|
||||||
Mining
|
382
|
|
|
78
|
|
|
311
|
|
|
2
|
|
|
299
|
|
|
3
|
|
||||||
Railcar
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Other operating segments
|
8,151
|
|
|
8,570
|
|
|
448
|
|
|
244
|
|
|
362
|
|
|
155
|
|
||||||
Consolidated
|
$
|
6,371
|
|
|
$
|
8,975
|
|
|
$
|
(1,610
|
)
|
|
$
|
443
|
|
|
$
|
(917
|
)
|
|
$
|
201
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Long positions
|
(5.2
|
)%
|
|
1.1
|
%
|
|
4.2
|
%
|
|
9.9
|
%
|
Short positions
|
(2.3
|
)%
|
|
(7.6
|
)%
|
|
(20.0
|
)%
|
|
(7.2
|
)%
|
Other
|
0.1
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.8
|
%
|
|
(7.4
|
)%
|
|
(6.3
|
)%
|
|
(15.6
|
)%
|
|
3.5
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Long positions
|
$
|
(487
|
)
|
|
$
|
100
|
|
|
$
|
393
|
|
|
$
|
825
|
|
Short positions
|
(197
|
)
|
|
(645
|
)
|
|
(1,981
|
)
|
|
(624
|
)
|
||||
Other
|
3
|
|
|
13
|
|
|
24
|
|
|
65
|
|
||||
|
$
|
(681
|
)
|
|
$
|
(532
|
)
|
|
$
|
(1,564
|
)
|
|
$
|
266
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
1,622
|
|
|
$
|
1,935
|
|
|
$
|
4,794
|
|
|
$
|
5,386
|
|
Cost of goods sold
|
1,440
|
|
|
1,751
|
|
|
4,229
|
|
|
4,914
|
|
||||
Gross margin
|
$
|
182
|
|
|
$
|
184
|
|
|
$
|
565
|
|
|
$
|
472
|
|
•
|
Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets;
|
•
|
Optimizing the value of the commercial parts distribution business in certain high-volume core markets;
|
•
|
Exiting the automotive parts distribution business in certain low volume, non-core markets;
|
•
|
Improving inventory management across Icahn Automotive’s parts and tire distribution network;
|
•
|
Select digital initiatives that support revenue growth;
|
•
|
Investment in customer experience initiatives such as enhanced customer loyalty programs and selective upgrades in facilities;
|
•
|
Investment in employees with focus on training and career development investments; and
|
•
|
Business process improvements, including investments in our supply chain and information technology capabilities.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales and other revenue from operations
|
$
|
744
|
|
|
$
|
735
|
|
|
$
|
2,181
|
|
|
$
|
2,158
|
|
Cost of goods sold and other expenses from operations
|
534
|
|
|
496
|
|
|
1,558
|
|
|
1,471
|
|
||||
Gross margin
|
$
|
210
|
|
|
$
|
239
|
|
|
$
|
623
|
|
|
$
|
687
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
6.000% senior unsecured notes due 2020
|
$
|
—
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,345
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,212
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
4.750% senior unsecured notes due 2024
|
498
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
6.250% senior unsecured notes due 2026
|
1,250
|
|
|
—
|
|
||
|
$
|
5,551
|
|
|
$
|
5,505
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
692
|
|
|
$
|
668
|
|
Automotive
|
48
|
|
|
43
|
|
||
Food Packaging
|
18
|
|
|
46
|
|
||
Metals
|
3
|
|
|
20
|
|
||
Real Estate
|
40
|
|
|
39
|
|
||
Home Fashion
|
3
|
|
|
1
|
|
||
|
$
|
804
|
|
|
$
|
817
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
1,195
|
|
|
$
|
1,170
|
|
Automotive
|
403
|
|
|
372
|
|
||
Food Packaging
|
269
|
|
|
273
|
|
||
Metals
|
10
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
19
|
|
|
4
|
|
||
|
$
|
1,898
|
|
|
$
|
1,821
|
|
|
September 30, 2019
|
||
|
(in millions)
|
||
Energy
|
$
|
441
|
|
Automotive
|
107
|
|
|
Food Packaging
|
7
|
|
|
Metals
|
36
|
|
|
Home Fashion
|
20
|
|
|
|
$
|
611
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
|
Net Cash Provided By (Used In)
|
|
Net Cash Provided By (Used In)
|
||||||||||||||||||||
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Holding Company
|
$
|
(270
|
)
|
|
$
|
893
|
|
|
$
|
1
|
|
|
$
|
(298
|
)
|
|
$
|
(58
|
)
|
|
$
|
(73
|
)
|
Investment
|
(2,264
|
)
|
|
—
|
|
|
220
|
|
|
(244
|
)
|
|
—
|
|
|
135
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
653
|
|
|
(73
|
)
|
|
(556
|
)
|
|
526
|
|
|
(74
|
)
|
|
(232
|
)
|
||||||
Automotive
|
(81
|
)
|
|
(98
|
)
|
|
184
|
|
|
(155
|
)
|
|
(90
|
)
|
|
239
|
|
||||||
Food Packaging
|
(11
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
6
|
|
|
(17
|
)
|
|
44
|
|
||||||
Metals
|
5
|
|
|
(31
|
)
|
|
9
|
|
|
3
|
|
|
(10
|
)
|
|
(1
|
)
|
||||||
Real Estate
|
12
|
|
|
(18
|
)
|
|
(17
|
)
|
|
41
|
|
|
130
|
|
|
(27
|
)
|
||||||
Home Fashion
|
(5
|
)
|
|
(32
|
)
|
|
38
|
|
|
3
|
|
|
(3
|
)
|
|
(1
|
)
|
||||||
Mining
|
93
|
|
|
(14
|
)
|
|
4
|
|
|
6
|
|
|
(32
|
)
|
|
30
|
|
||||||
Other operating segments
|
666
|
|
|
(278
|
)
|
|
(342
|
)
|
|
430
|
|
|
(96
|
)
|
|
52
|
|
||||||
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
443
|
|
|
(393
|
)
|
|
(117
|
)
|
||||||
Total before eliminations
|
(1,868
|
)
|
|
615
|
|
|
(121
|
)
|
|
331
|
|
|
(547
|
)
|
|
(3
|
)
|
||||||
Eliminations
|
—
|
|
|
16
|
|
|
(16
|
)
|
|
—
|
|
|
75
|
|
|
(75
|
)
|
||||||
Consolidated
|
$
|
(1,868
|
)
|
|
$
|
631
|
|
|
$
|
(137
|
)
|
|
$
|
331
|
|
|
$
|
(472
|
)
|
|
$
|
(78
|
)
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
||
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
104
|
|
Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).
|
|
Icahn Enterprises L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/SungHwan Cho
|
|
|
SungHwan Cho,
Chief Financial Officer and Director
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Peter Reck
|
|
|
Peter Reck,
Chief Accounting Officer
|
|
Icahn Enterprises Holdings L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/SungHwan Cho
|
|
|
SungHwan Cho,
Chief Financial Officer and Director
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Peter Reck
|
|
|
Peter Reck,
Chief Accounting Officer
|
/s/Keith Cozza
|
Keith Cozza
|
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/SungHwan Cho
|
SungHwan Cho
|
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/Keith Cozza
|
Keith Cozza
|
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/SungHwan Cho
|
SungHwan Cho
|
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|